The U.S. economy expanded by a solid 6.9% annual rate from October through December in 2021, a slight fall from its initial estimates.
- For the year 2021, the nation’s gross domestic product increased by 5.7%, the fastest calendar-year growth after a 7.2% surge in 1984.
- Real GDP grew in Q4, rising 6.9% after growing by 2.3% in Q3. The growth in real GDP was largely attributable to acceleration in private inventory investments, expansion in exports and residential fixed investments.
- Real gross output in 2021 rose 6.4%. Private goods-producing sectors jumped 1.5%, private services-producing industries jumped 9.1% and government rose 1.4%.
Eighteen of 22 industry groups contributed to the expansion in real gross output in the US economy.
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Source: Bureau of Economic Analysis.